Washington Post (08/05/08) P. D1; Merle, Renae
The housing slump is making it difficult for small custom-home builders to complete projects, with 19 properties started by Virginia-based Seville Homes, for instance, entering foreclosure and leaving the company unable to repay hundreds of thousands in deposits it put toward operations instead of in escrow. Foresight Analytics reports a surge in the single-family construction loan delinquency rate to 10.8 percent in the 2008 first quarter from 2.7 percent in the 2007 first quarter. Refusing to lose all of the money they put into the homes so far, many buyers are snapping up the unfinished homes in foreclosure auctions or paying subcontractors directly.
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